A few business veterans, Joe Stensland and Dave Hagen, joined BridgeFT within the early months of 2022 as CEO and chief industrial officer, respectively.
A yr later, the agency is embarking on what it hopes would be the firm’s subsequent huge factor with the launch of its WealthTech API on Tuesday.
BridgeFT is a cloud-native, API-first wealth infrastructure software program firm that launched in 2015. To this point it has been greatest identified for its cloud-based efficiency reporting and payment billing providing referred to as Atlas.
The agency has labored with a wide range of purchasers together with RIA companies, monetary establishments (together with belief companies and others) in addition to different fintechs.
With its new WealthTech API, which the corporate is referring to as a “WealthTech-as-a-Service platform,” BridgeFT goals to offer a single, open API combining trade-ready knowledge from a number of custodians, in addition to analytics, and different purposes which can be powered by the information.
Along with the brand new know-how providing, the agency is formally altering its title from Bridge Monetary Know-how to the shortened BridgeFT.
“We intention to be the enterprise infrastructure supplier for a wide range of companies,” stated Stensland.
“A belief firm got here to us as they had been trying to go and construct integrations to a variety of custodians and different suppliers and thought it was going to most likely find yourself costing them $1 million and a yr or extra to construct it—we had been capable of have them up and working in three months,” he stated, including the associated fee was at considerably lower than the million-dollar price ticket.
“As we make this transition to enterprise past simply the RIA market, we now have a variety of sorts of companies in thoughts from TAMPs (turnkey asset administration platforms) to funding product distributors and different massive gamers,” stated Hagen.
Merely put, the brand new API providing claims to be the primary platform to ship trade-ready, correct knowledge from a number of custodians by a single API, which incorporates Schwab, TD Ameritrade, Constancy, Pershing and Shareholders Providers Group, in addition to integrations with account aggregation supplier Plaid for different sorts of feeds.
Up to now many RIA companies, specifically, had a number of API-based custodial feeds that usually required both guide reconciliation or that of a separate account aggregation supplier; one thing BridgeFT replaces with its WealthTech API.
Stensland, BridgeFT’s CEO, spent greater than a decade at Scivantage in numerous govt roles earlier than that agency grew to become part of Refinitiv, which itself is now a part of the London Inventory Trade Group.
Hagen is now the chief industrial officer at BridgeFT. He two spent years at Scivantage with Stensland earlier than transferring to FinFolio, which was acquired by Goldman Sachs.